Barclays maintains "Sell" rating on Coinbase due to competition challenges despite strong user base.

From Nasdaq

August 21, 2024 11:50 am:

Barclays analyst Benjamin Budish maintains a “Sell” rating on Coinbase Global (COIN) due to $14 million net outflows from U.S. Spot Ethereum ETFs. Coinbase acts as custodian and broker for multiple ETFs, gaining from AUM and activity but facing competition challenges. Q2 earnings show declines in trading volumes and revenue. Budish has a $206 price target on COIN.

Despite concerns about competition and diminishing margins, COIN’s website traffic tool shows a 15.72% increase in estimated visits year-to-date, indicating a strong user base. Wall Street is divided on COIN, with a Moderate Buy consensus rating and an average price target of $259.62, suggesting 31.6% upside potential. Shares have gained 13.4% this year.

Read more at Barchart: Barclays Maintains “Sell” Rating on Coinbase Despite the Buzz Around Spot ETFs